Hi everyone! We're a small team that has just spent a better part of a year building a wallet implementation for ERC-4337. For those that are unfamiliar, ERC-4337 is a new standard for achieving account abstraction on any EVM network.
Rather than give you the technical explanation, here are some problems we've found with most wallets today and how account abstraction can solve it.
| Problem | Solution |
|---|---|
| All transaction fees are variable and must be paid in ETH. | We can enable users to pay all fees in any asset, such as USDC, and with flexible options. |
Most dApps require multiple transactions just to do one thing. For example, a user has to approve and execute to swap a token. | We can bundle all the individual steps into just one transaction for users. |
| Managing your private keys is hard. | We can enable different types of authentication methods, such as using passwords to multi-sigs, without the need to sacrifice self custody. |
| If you lose your private key, you lose everything in your wallet. | We can offer recovery mechanisms so that users have a pathway to regaining custody of their wallet in the worst case scenario. |
Based on our own experience (and helping a lot of beginners) we believe that the current wallet model is not the final form of how a majority of users will be interacting with crypto. Especially if the end goal is to have all value settled on the blockchain.
I believe account abstraction provides the best pathway to building wallets for the next billion people to use real crypto apps (i.e. taking coins out of exchanges and using dApps). It's been mentioned as part of Ethereum's roadmap and is the best shot I've seen at building comfortable user experiences without relying on giving up self custody.
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Our wallet is still early days but so far user's can:
Deposit USD into their wallet (as USDC)
Swap between USD, ETH, and MATIC in one click with the approve step bundled in.
Send USD, ETH, and MATIC to any address.
Pay for all these transaction fees with the USDC in their wallet.
Full disclosure: We make money by providing the paymaster service that allows users to pay a fixed transaction fee every time in USDC. This can later be expanded to include any currency they choose.
We are non-custodial so we are able to provide this service without needing to control a user's funds and our code is fully open source here.
At the moment we're only deployed on Polygon but we'd love to eventually be available on all EVM scaling solutions while letting users keep the same address everywhere and seamlessly hop between different networks.
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If you're just starting your crypto journey, give Stackup a go and let us know what you think!
Although I do realize that this sub probably skews more towards the crypto experts who've already figured it all out and might not need this. If this is you then share this with any friends or family you might know who are just starting to get into crypto - we'd love to hear from them!
There's a huge gap between going from a centralized exchange to a MetaMask or hardware wallet. We believe our solution can fit somewhere in the middle to help anyone make the transition to crypto native as easy as possible. ????
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